Transcription of Salary Guide
1 Salary GuideUKSalary Guide 20212|ContentsIntroduction_____03 Resources for Employers _____04 How to calculate a starting Salary _____05 How to handle an employee s pay rise request _____06 5 things to consider when growing your business _____07 Resources for Professionals _____08 How to get promoted in your current company _____09 How to ask for a pay rise: 7 things to remember _____10 How to negotiate your Salary after receiving a job offer _____11 Salary Tables Accounting & Finance _____12 Compliance _____48 Financial Services Operations _____52 Human Resources _____59 Internal Audit _____64 IT_____66 Legal _____75 Marketing _____80 Project & Change Management _____92 Public Practice _____98 Risk Management _____101 Supply Chain & Procurement _____104 Tax _____107 Contact Details_____121 Salary Guide 20213|Welcome to the 2021 Morgan McKinley Salary Guide .
2 This is our annual Salary report developed for you to provide both organisations and candidates with the current market Salary ranges across a wide range of MethodologyThis Guide has been compiled with the support of data gathered by our teams of experienced consultants from a sample of thousands of placements recorded in our recruitment database, insights from our clients and analysis of placement data over the past 12 months. This Guide will be updated if and when needed to reflect any market changes. Seniority Roles DefinitionThe seniority levels in this Salary Guide are divided into 0-3 years, 3-5 years, and 5+ years. The years of experience refers to the level of experience in that particular role. The salaries nested under each seniority level are thus determined by the years of relevant professional experience , candidates skillset and the complexity of the Guide 20214| Salary Guide 20214|Resources forEmployersSalary Guide 20215|How To Calculate A Starting SalaryHiring a new employee is an exciting time for you, the team they ll be joining and the business as a your new hire can start, there are 9 steps to consider when determining their Hiring Budget Identify what your overall recruitment budget is.
3 Knowing all the potential costs involved will give you a better understanding of what Salary you can offer. 2. Employment Type Should you use the budget to hire a permanent full time employee, a contractor or maybe even a freelancer? Weighing up the pros and cons of each will help you decide which type of employment to offer. 3. Industry Salary Benchmarks Using our Salary Guide Calculator tool will show up-to-date salaries, giving you an understanding of how much your competitors are paying. 4. experience & Education The more experience and education you require for your role, the higher the Salary will have to be. Toggle the experience level on the Salary Guide Calculator to see how it can differ. 5. Industry Depending on the industry, the Salary for the same role or job title can vary vastly. In one industry it may be business critical and will command a higher Salary , whilst in another it is less so, meaning average salaries are further information on how to calculate a Salary , Click hereSalary Guide 20216|How To Handle An Employee s Pay Rise RequestHow do you make the right decision when an employee asks for a pay rise?
4 Often managers alone cannot come to the conclusion of whether or not to grant a pay rise request and will have to involve other stakeholders. There are 5 key areas of consideration to help you achieve an outcome that will satisfy all parties Ask for information and give them a chance to explain why they think they deserve a pay rise, rather than granting or denying their request. Keep in mind, they are asking you this because they would like to stay with the company and so this is a great chance to improve your employee retention. 2. Compare market salaries when you are evaluating their request. Using our Salary Guide Calculator, you can check whether their current Salary is in line with market and industry trends. 3. Consider sharing decision making with HR or your direct manager - the people well practiced at handling pay rise requests.
5 Be prepared to provide convincing arguments; they don t work with the person as closely as you do and won t necessarily be able to see the value this person brings to the the full article on handling pay rise requests hereSalary Guide 20217|5 Considerations When Growing Your BusinessYou ve spent weeks, even months, in meetings and on calls defining the right growth strategy. When your business is growing, so are your recruitment needs. But have you considered how location, people, skills and salaries influence your decisions?1. Talent, Salaries & Benefits The first thing to consider is people. Does the location provide an adequate staffing pool? It can be difficult to define who needs to be on your team. Instead of focusing on job titles, it s better to understand the skills you need. This is where outsourcing the hiring process is often a good decision.
6 Location can also dictate how much you pay your people and the benefits you can offer. When hiring in a specific area, a is a useful tool to see how payment expectations can change. 2. Geographic Strategic Location If you have suppliers and clients that you may need regular in-person meetings with, you will want to be somewhere that s relatively easy for them to get to. Additional consideration: Are there any tax laws in the location you are looking at that need to be accounted for in your budget? 3. Office Type & Cost There are different office type options available. You will most likely be leasing the office space, but if that s too expensive, there are plenty of co-working spaces available which are less costly and don t require as much out more about what you should consider when growing your businessSalary Guide 20218| Salary Guide 20218|Resources forProfessionalsSalary Guide 20219|There are 9 key things to consider when you re thinking about putting yourself forward for an internal promotion:1.
7 Do you own entire projects? If you can prove that you control projects from conception right through to completion, you re more indispensable and more likely to be considered for a promotion. 2. Are you compensated fairly in comparison to the industry benchmark? Use our Salary Guide Calculator to figure out how you measure up against the industry average prior to any promotion discussions. 3. Do you raise the performance of your colleagues? Boosting the performance of an entire team rather than just focusing on your personal performance is something leaders look out for. 4. Are you adding value to the company? Even if your role isn t directly related to generating income, other performance metrics can be translated into revenue out more about how to increase your chances of being promotedHow To Get Promoted In Your Current CompanyIt s natural to want your career to develop.
8 Many people have the goal of being promoted as it gives you the opportunity to grow both personally and professionally, gives you further influence within your business, allows you to have greater control over your daily tasks and offers the opportunity to be rewarded with a higher Guide 202110|Learn more about the best way to ask your manager for a pay riseHow To Ask For A Pay Rise: 7 Things To RememberYou re good at your job, you may even be great at it. You re an integral member of the team as well as an advocate for the wider of all this, you would like to ask for a pay rise. There are 7 things to remember when approaching this situation:1. Understand what you are worth in comparison to the wider market. Using our Salary Guide Calculator allows you to benchmark your Salary against others in your area of expertise.
9 2. Highlight your achievements with clear examples and data. Outline how you ve increased your responsibilities, overcome challenging situations, positively influenced your team or increased efficiencies. 3. Have realistic expectations in terms of what you are requesting. 4. When to ask for a pay rise depends on what has been going on in the business and how well placed it would be to accept your pay rise request. 5. Arrange the meeting to be held face-to-face - or over a video call if you re working remotely. 6. Show your confidence, remain professional, speak slowly, keep to the facts and try to use mostly positive language. 7. Continue to perform if you got the pay rise you wanted then prove that it was justified. If you didn t get what you hoped for, ask your manager for targets to work towards in order to be eligible for one in the near future.
10 Salary Guide 202111|How To Negotiate Your Salary After Receiving A Job OfferYou ve decided to move jobs externally to progress your career. You applied to an interesting opportunity and, great news, you ve been offered the more detail about effectivesalary negotiation techniquesThere are a few things to consider when it comes to ironing out the final details. Here are 11 suggestions for what you can do before, during and after your Salary Benchmark against industry averages: Use our Salary Guide Calculator to discover the average pay for someone with a similar level of experience as you. 2. Consider the total compensation package: Companies may not be able to budge on actual payment, but valuable additional benefits (which is where a lot of your job satisfaction will come from) could be swaying factors.
